The Supreme Court on Wednesday allowed appeals filed by Nuvama Clearing Services in the Anugrah and Vrise matters and set aside the orders passed by the Member and Core Settlement Guarantee Fund Committee of NSE Clearing and the Securities Appellate Tribunal. According to reports from CNBC TV18, this ruling removes restitution directions that had exposed the clearing business to liability linked to securities worth more than ₹900 crore at the time of the earlier order. The Supreme Court judgment dated September 2, 2026 has resulted in the directions issued against Nuvama Clearing Services Ltd. (NCSL) under the earlier orders being set aside.
In the lead Anugrah case, the securities ordered to be reinstated were worth about ₹460.32 crore when they were liquidated and more than ₹900 crore by the date of the Committee's order, as reported by NDTV Profit. The Supreme Court ruled that the NCL Committee did not have the statutory power to order restitution of the liquidated securities and held that the regulatory framework at the time did not impose a statutory obligation on professional clearing members to verify individual clients' debit and credit positions before liquidating collateral. The litigation relates to NCSL's erstwhile professional clearing member business for domestic brokers, which was previously part of the company's Asset Services segment.
The legal proceedings began when NCSL approached the Supreme Court in December 2023, challenging a December 15, 2023 order passed by SAT. As reported by CNBC TV18, the Supreme Court admitted the appeal in January 2026, and a similar matter involving Vrise Securities Pvt. Ltd. was subsequently tagged with the Anugrah matter. The Supreme Court further ruled against claims by investors against the professional clearing member for the trading member's default in the circumstances of the case, allowing four appeals including Nuvama Clearing's cases and setting aside the orders of the NCL Committee and SAT.
Nuvama Wealth Management shares ended 2.86% higher at ₹1,836 on Wednesday following the Supreme Court's favorable judgment, according to CNBC TV18. The stock has gained around 4% over the past month, reflecting positive investor sentiment regarding the resolution of this long-standing litigation. The company stated in an exchange filing that the litigation related to its erstwhile professional clearing member business for domestic brokers, with the matter arising from an order by the Member and Core Settlement Guarantee Fund Committee of NSE Clearing directing NCSL to reinstate securities that had been liquidated during the settlement process.
